Status of Accounts Collateral Sample Clauses

Status of Accounts Collateral. The Obligor agrees that it shall, with respect to the Collateral (i) maintain books and records pertaining to the Collateral in such detail, form and scope as the Collateral Agent may reasonably require, and (ii) if any amount payable under or in connection with any account in excess of Cdn.$150,000 is evidenced by a promissory note, letter of credit or other instrument, immediately pledge, endorse, assign and deliver to the Collateral Agent the promissory note or instrument, as additional Collateral.
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Status of Accounts Collateral. The Obligor will maintain books and records pertaining to the Collateral in such detail, form and scope as the Security Agent reasonably requires, and keep all originals of the chattel paper which evidence accounts at locations specified on Schedule . The Obligor will immediately notify the Security Agent if any account in excess of $100,000 arises out of contracts with any Governmental Entity, and execute any instruments and take any steps required by the Security Agent in order that all moneys due or to become due under the contract are assigned to the Security Agent and notice of such assignment is given to the Governmental Entity. The Obligor will also immediately notify the Security Agent if any account is with an account debtor located outside of Canada.
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Status of Accounts Collateral. With respect to the Collateral and Specific Collateral (i) maintain books and records pertaining to the Collateral and Specific Collateral in such detail, form and scope as the Representative Lender reasonably requires, and (ii) report immediately to the Representative Lender any matters materially adversely affecting the value, enforceability or collectibility of the Collateral and Specific Collateral, taken as a whole;
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Status of Accounts Collateral. With respect to the Collateral (i) maintain books and records pertaining to the Collateral in such detail, form and scope as the Lender reasonably requires, (ii) within two Business Days upon learning thereof, report to the Lender in respect of any reclamation, return or repossession of inventory (other than such inventory as is resorted and redelivered) in excess of Cdn.$100,000 for any single reclamation, return or repossession of inventory or in excess of Cdn.$500,000 for all such reclamations, returns or repossessions taken together in any Fiscal Year, or claims or disputes in any Fiscal Year in the aggregate in excess of Cdn.$500,000 asserted by customers or other obligors, any loss or destruction of, or substantial damage to, any of the Collateral and any other matters affecting the value, enforceability or collectability of any of the Collateral, (iii) if any amount payable under or in connection with any account in excess of Cdn. $25,000 is evidenced by a promissory note or other instrument, immediately pledge, endorse, assign and deliver to the Lender the promissory note or instrument, as additional Collateral, (iv) notify the Lender in writing of any agreement under which any terms of sale or service (written or oral) which are materially different from normal operating procedures may have been or will be granted, and (v) conduct a physical count of the Inventory at such intervals as the Lender may reasonably request and promptly supply the Lender with a copy of such counts accompanied by a report of the value (based on the lower of cost (on a first in, first out basis) or market value) of such inventory;
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Status of Accounts Collateral. With respect to the Collateral (i) immediately notify the Collateral Agent if any Account in excess of $10,000 arises out of contracts with any Governmental Authority (exclusive of GST/HST refunds due from Canadian Governmental Authorities in an aggregate amount outstanding at any time up to $100,000), and execute, or cause any applicable Credit Party to execute, any instruments and take, or cause any applicable Credit Party to take, any steps required by the Collateral Agent (at the direction of the Majority Lenders) in order that all moneys due or to become due under the contract are assigned to the Collateral Agent and notice of such assignment be given to the Governmental Authority, (ii) report immediately to the Collateral Agent and the Lenders any matters materially adversely affecting the value, enforceability or collectability of the Collateral, taken as a whole, (iii) if any amount payable under or in connection with any Account in excess of $10,000 (or the Equivalent Amount in any other currency) is evidenced by a promissory note or other instrument, notify the Collateral Agent in writing and, upon the request of the Collateral Agent (at the direction of the Majority Lenders), immediately pledge, endorse, assign and deliver, or cause any applicable Credit Party to pledge, endorse, assign and deliver, to the Collateral Agent the promissory note or instrument, as additional Collateral, and (iv) notify the Collateral Agent and the Lenders in writing of any agreement under which any terms of sale or service (written or oral) which are materially different from normal operating procedures may have been or will be granted;
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Status of Accounts Collateral. The Obligor will, with respect to the Collateral (i) maintain books and records pertaining to the Collateral in such detail, form and scope as the Collateral Agent reasonably requires, (ii) immediately notify the Collateral Agent if any account in excess of Cdn.$50,000 arises out of contracts with any Governmental Entity, and execute any instruments and take any steps required by the Collateral Agent in order that all moneys due or to become due under the contract are assigned to the Collateral Agent and notice of such assignment be given to the Governmental Entity, and (iii) if any amount payable under or in connection with any account in excess of Cdn.$50,000 is evidenced by a promissory note or other instrument, immediately pledge, endorse, assign and deliver to the Collateral Agent the promissory note or instrument, as additional Collateral.
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Status of Accounts Collateral. With respect to the Collateral (i) immediately notify the Administrative Agent if any account in excess of $250,000 (or the Equivalent Amount in any other currency) arises out of contracts with any Governmental Authority, and execute, or cause any other applicable Credit Party to execute, any instruments and take, or cause any other applicable Credit Party to take, any steps required by the Majority Lenders in order that all moneys due or to become due under the contract are assigned to the Administrative Agent and notice of such assignment be given to the Governmental Authority, (ii) report immediately to the Administrative Agent any matters materially adversely affecting the value, enforceability or collectibility of the Collateral, taken as a whole, (iii) if any amount payable under or in connection with any account in excess of $250,000 (or the Equivalent Amount in any other currency) is evidenced by a promissory note or other instrument, notify the Administrative Agent in writing and, upon the request of the Administrative Agent, immediately pledge, endorse, assign and deliver, or cause any other applicable Credit Party to pledge, endorse, assign and deliver, to the Administrative Agent the promissory note or instrument, as additional Collateral, and (iv) notify the Administrative Agent in writing of any agreement under which any terms of sale or service (written or oral) which are materially different from normal operating procedures may have been or will be granted.
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Status of Accounts Collateral. With respect to the Collateral (i) maintain books and records pertaining to the Collateral in such detail, form and scope as the Majority Lenders reasonably require, (ii) execute any instruments and take any steps required by the Majority Lenders in order that all moneys due or to become due under the contract are assigned to the Lenders and notice of such assignment be given to the Governmental Entity, (iii) report immediately to the Agent any matters materially adversely affecting the value, enforceability or collectibility of the Collateral, taken as a whole, and (iv) if any amount payable under or in connection with any account in excess of Cdn. $25,000 is evidenced by a promissory note or other instrument, immediately pledge, endorse, assign and deliver to the Agent the promissory note or instrument, as additional Collateral;
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Related to Status of Accounts Collateral

  • Accounts Collection At any time after the occurrence and during the continuation of an Event of Default, Bank may notify any Person owing funds to Borrower of Bank’s security interest in such funds and verify the amount of such Account. Borrower shall collect all amounts owing to Borrower for Bank, receive in trust all payments as Bank’s trustee, and immediately deliver such payments to Bank in their original form as received from the account debtor, with proper endorsements for deposit.

  • Lien on Deposit Accounts Cash Collateral To further secure the prompt payment and performance of all Obligations, each Grantor hereby grants to Super Priority Agent, a continuing security interest in and Lien upon all of such Grantor’s right, title and interest in and to each Deposit Account (other than any Excluded Collateral) of such Grantor, and any deposits or other sums at any time credited to any such Deposit Account. Upon the occurrence of a Default or an Event of Default, each Grantor authorizes and directs each bank or other depository to deliver to Super Priority Agent, on a daily basis, all balances in each Deposit Account (other than any Excluded Collateral) maintained by such Grantor with such depository for application to the Obligations then outstanding. Each Grantor irrevocably appoints Super Priority Agent as such Grantor’s attorney-in-fact to collect such balances to the extent any such delivery is not so made.

  • Maintenance of Accounts and Records Tenant shall keep true records and books of account of Tenant in which full, true and correct entries will be made of dealings and transactions in relation to the business and affairs of Tenant in accordance with GAAP. Tenant shall apply accounting principles in the preparation of the financial statements of Tenant which, in the judgment of and the opinion of its independent public accountants, are in accordance with GAAP, where applicable, except for changes approved by such independent public accountants. Tenant shall provide to Landlord either in a footnote to the financial statements delivered under Section 17.2 which relate to the period in which such change occurs, or in separate schedules to such financial statements, information sufficient to show the effect of any such changes on such financial statements.

  • Annual Collateral Verification Each year, at the time of delivery of annual financial statements with respect to the preceding Fiscal Year pursuant to Section 5.1(c), Company shall deliver to Collateral Agent a certificate of an Authorized Officer either (i) confirming that there has been no change in such information since the date of the Collateral Questionnaire delivered on the Closing Date or the date of the most recent certificate delivered pursuant to this Section 5.1(o) or (ii) identifying such changes;

  • Maintenance of Collateral Accounts Maintain any Collateral Account except pursuant to the terms of Section 6.6(b) hereof.

  • Deposit Accounts, Securities Accounts and Commodity Accounts Attached hereto as Schedule 14 is a true and complete list of all Deposit Accounts, Securities Accounts and Commodity Accounts (each as defined in the Security Agreement) maintained by each Pledgor, including the name of each institution where each such account is held, the name of each such account and the name of each entity that holds each account.

  • Collection of Accounts, General Intangibles and Negotiable Collateral At any time upon the occurrence and during the continuance of an Event of Default, Agent or Agent’s designee may (a) notify Account Debtors of any Grantor that the Accounts, General Intangibles, Chattel Paper or Negotiable Collateral of such Grantor have been assigned to Agent, for the benefit of the Lender Group and the Bank Product Providers, or that Agent has a security interest therein, and (b) collect the Accounts, General Intangibles and Negotiable Collateral of any Grantor directly, and any collection costs and expenses shall constitute part of such Grantor’s Secured Obligations under the Loan Documents.

  • Collateral Each of the Banks represents to the Agent and each of the other Banks that it in good faith is not relying upon any "margin stock" (as defined in Regulation U) as collateral in the extension or maintenance of the credit provided for in this Agreement.

  • Collection of Accounts Receivable From and after the Closing, Seller shall pursuant to the Management Contract (subject to that certain Termination Agreement dated as of even date herewith pursuant to which such foregoing Management Contract is being terminated) and Buyer and Seller shall use their commercially reasonable efforts to cause IPS, pursuant to the IPS Contract (subject to that certain Termination Agreement dated as of November 30, 2014 pursuant to which the foregoing IPS Contract is being terminated), to xxxx for services provided by Seller to GAA prior to the Closing Date and to collect, in the ordinary course, the Accounts Receivable of Seller (determined pursuant to the Management Contract) attributable solely to services provided by Seller to GAA, pursuant to the Management Contract, prior to the Closing Date (collectively, the “Pre-Closing Seller Accounts Receivable”). Buyer shall have no obligation to file collection actions or lawsuits with respect to any such Pre-Closing Seller Accounts Receivable attributable to services provided by Seller to GAA prior to the Closing Date (or with respect to any “Pre-Closing Accounts Receivable” being accounts receivable attributable to services provided by GAA prior to the Closing Date); nor shall Buyer have any liability to Seller or Seller Owner for any failure by IPS to timely xxxx for services provided by GAA prior to the Closing Date or to collect any such Pre-Closing Accounts Receivable attributable to services provided by GAA prior to the Closing Date. This Section shall not apply with respect to any billing for services provided by Buyer on or after the Closing Date or any accounts receivable attributable to services provided by Buyer on or after the Closing Date (“Post-Closing GAA Accounts Receivable”). 5.8.1 Buyer shall pay to Seller, solely from Pre-Closing Accounts Receivable collections, by the tenth (10th) day of each calendar month, with respect to the immediately preceding calendar month (which calendar month begins after the Closing Date), an amount equal to the positive difference (if any) between (a) the aggregate of the Pre-Closing GAA Accounts Receivable collected under the Management Contract (subject to such applicable Termination Agreement) during such immediately preceding calendar month (net of the billing and collection expense equal to six percent (6%) of Buyer’s net revenues attributable to such Pre-Closing Accounts Receivable in accordance with the IPS Contract, subject to such applicable Termination Agreement, minus (b) the sum of (i) all of the amounts, if any, paid by GAA or Buyer on or after the Closing attributable to GAA’s obligations with respect to trade and accounts payable and other operating expenses incurred or accrued for all periods on or prior to the Closing Date (including compensation payable to physicians and CRNAs employed or engaged by GAA and all billing and collection and management fees payable to Seller), plus (ii) Buyer’s operating expenses after the Closing Date (including, without limitation, the cost of CRNAs, physician labor, anesthesia drugs and supplies, any billing and collection expense and management fee (without double counting of such amounts deducted in subsection (a)), insurance, bank fees, Taxes and other expenses required by GAA to provide anesthesia services pursuant to the PSA Contracts) for the applicable calendar months (such amounts in subsection (b)(ii), collectively, the “Advanced Expenses”). Notwithstanding the foregoing, the reduction described in subsection (b)(ii) shall not apply after the first two calendar months after the Closing Date and nothing in subsection (b)(ii) shall be construed to mean that such expenses are the responsibility of Buyer nor affect any indemnification rights Buyer may have under Section 6. An example of the intended application of this Section 5.8.1 in conjunction with the application of Section 5.9 of the Other Acquisition Agreement, relating to the collection of GAA’s Pre-Closing Accounts Receivable) is set forth in the Accounts Receivable Worksheet attached hereto as Exhibit F. For avoidance of doubt, in no event will GAA or Buyer owe any amounts to Seller under this Section 5.8 (or the Seller under the Other Acquisition Agreement pursuant to Section 5.9 thereof) other than from collections of any Accounts Receivable attributable to services provided by GAA before the Closing Date. 5.8.2 Beginning on March 10, 2015, Buyer shall begin to repay to Seller the Advanced Expenses (such payments to be made by the tenth (10th) day of each calendar month, with respect to the immediately preceding calendar month). The first payment hereunder will be due by March 10, 2015 and the tenth (10th) day of each calendar month thereafter until the Advanced Expenses are repaid to Seller in full; provided, however, all accrued and unpaid Advanced Expenses shall be immediately due and payable in full on or before June 10, 2015. The amount payable each month by Buyer with respect to the Advanced Expenses will equal the product of (a) twenty-five percent (25%) multiplied by (b) the positive difference, if any, between (i) the aggregate of the Post-Closing Accounts Receivable payable to Buyer during such immediately preceding calendar month (net of the billing and collection expense equal to six percent (6%) of GAA’s net revenues and management fee equal to four percent (4%) of the Buyer’s net revenues attributable to such Post-Closing Accounts Receivable, in each case attributable to such Post-Closing Accounts Receivable under the IPS Billing and Management Agreement as defined in the Other Acquisition Agreement), minus (b) all of the amounts paid by Buyer on or after the Closing attributable to Buyer’s obligations with respect to trade and accounts payable and all other operating expenses (of a nature described above in Section 5.8.1) incurred or accrued for all periods on or after the Closing Date, and other liabilities arising from Seller’s conduct of business for all periods on or before the Closing Date. 5.8.3 Each monthly payment shall include a breakdown showing, in reasonable detail, the determination of the amount payable such month by the Buyer to the Seller.

  • Accounts and Chattel Paper (a) The names of the obligors, amounts owing, due dates and other information with respect to its Accounts and Chattel Paper are and will be correctly stated in all records of the Grantor relating thereto and in all invoices and Collateral Reports with respect thereto furnished to the Collateral Agent by such Grantor from time to time. As of the time when each Account or each item of Chattel Paper arises, such Grantor shall be deemed to have represented and warranted that such Account or Chattel Paper, as the case may be, and all records relating thereto, are genuine and in all respects what they purport to be. (b) With respect to its Accounts, except as specifically disclosed on the most recent Collateral Report, (i) all Accounts are Eligible Accounts; (ii) all Accounts represent bona fide sales of Inventory or rendering of services to Account Debtors in the ordinary course of such Grantor’s business and are not evidenced by a judgment, Instrument or Chattel Paper; (iii) there are no setoffs, claims or disputes existing or asserted with respect thereto and such Grantor has not made any agreement with any Account Debtor for any extension of time for the payment thereof, any compromise or settlement for less than the full amount thereof, any release of any Account Debtor from liability therefor, or any deduction therefrom except a discount or allowance allowed by such Grantor in the ordinary course of its business for prompt payment or as are generally offered in the industry by competitors of such Grantor in the applicable markets and in each case as disclosed to the Collateral Agent; (iv) to such Grantor’s knowledge, there are no facts, events or occurrences which in any way impair the validity or enforceability thereof or could reasonably be expected to reduce the amount payable thereunder as shown on such Grantor’s books and records and any invoices, statements and Collateral Reports with respect thereto; (v) such Grantor has not received any notice of proceedings or actions which are threatened or pending against any Account Debtor which might result in any adverse change in such Account Debtor’s financial condition; and (vi) such Grantor has no knowledge that any Account Debtor is unable generally to pay its debts as they become due. (c) In addition, with respect to all of its Accounts, (i) the amounts shown on all invoices, statements and Collateral Reports with respect thereto are actually and absolutely owing to such Grantor as indicated thereon and are not in any way contingent; (ii) no payments have been or shall be made thereon except payments immediately delivered to a Blocked Account, Lockbox or a Collateral Deposit Account as required pursuant to Section 7.1; and (iii) to such Grantor’s knowledge, all Account Debtors have the capacity to contract.

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